Executive Summary

(20/01/2023 corrected footnotes) The Police Powers doctrine has raised conflicting opinions regarding the balance between investor protection and State’s regulatory action, which done in the public’s interest. While the Police Powers doctrine is, of course, not the only means of protection afforded to States to avoid liability, the doctrine’s entrenchment in treaties and its specific application in recent cases showcases its ability to afford adequate protection to States while ensuring that the purpose behind investment treaties is not negated. What is clear, through the case analysis in the paper, is that tribunals can only assess the doctrine (and its application) on a case-by-case basis and that the imposition of strict criteria to establish the doctrine’s application is both futile and inappropriate. Ultimately, through its case-by-case application, the doctrine affords tribunals the flexibility required to deal with the plethora of factual matrices that may face investment tribunals.